Another day and indication for an extremely bullish prediction for Bitcoin. The Head of Capriole Investments analyzed the hash rate and says it’s some good news!
Today Charles Edwards, Head of Capriole Investments, says that Bitcoin has entered a potential 50x profit cycle!
What Can Bitcoin’s Hash Rate Tell Us
Mr. Edwards announced that he noticed an extremely rare indicator in Bitcoin’s network difficulty. He calls it the “Hash Ribbon” and has proven that it only occurs 10 times in the blockchain’s overall history.
Charles Edwards traced this indicator back for years and has published his analysis on his TradingView blog. In doing so, Mr. Edwards predicts a 5,000+ percent bull rally for Bitcoin. Mr. Edwards’ suggestions are based on the research of Bitcoin’s hash rate dynamics.
Hash Ribbons: Discreet Indicator of Enormous Growth
This indicator assumes that it is the best moment to buy Bitcoin, which is typically somewhere in the middle of the “miner capitulation” period. “Miner capitulation” is the decision by miners to cease the operations of their mining gear due to significant losses.
While this solution results in a Bitcoin hash rate reduction, Charles Edwards decided to locate these points by calculating the simple 1- and 2-month moving average of Bitcoin’s Hash Rate. In accordance to his report:
When the 1-month SMA of Hash Rate crosses over the 2-month SMA of Hash Rate, the worst of the miner capitulation is typically over, and the recovery has begun. Buying at these points of time yields incredible results.
With this said, perhaps it’s time for hodlers to be prepared for a splendid bullish run.